When it comes to Bitcoin adoption and experimentation with cryptocurrency, Europe indeed has been the forerunner. With an industry ecosystem that inherently supports Fintech, Europe has offered a lot to Bitcoin’s journey. With recent reforms towards abolishment of high denomination cash transactions, the continent has taken one step closer to the adoption of cryptocurrencies and potentially supporting their developments. Owing to these above factors, Prime Minister of Malta recently proclaimed that Europe can be the Bitcoin continent. Let’s deep dive into the underlying factors behind the idea:
CEPS Ideas Lab:
Innovation platform of exchange, the CEPS Ideas Lab, brings together national think tanks across Europe for exchanging and collaborating on ideas and innovations. CEPS Ideas Lab 2017 – Reconstructing the Union took place on February 23 and is one of the main events in Brussels with Malta’s Prime Minister, Joseph Muscat as keynote speaker. The event consisted of over 1000 participants from 43 different nationalities with Government representatives, businesses, NGOs and other key European Institutions who gathered to discuss and debate over key European policies and issues.
Joseph Muscat’s view:
In a very captivating speech, Joseph Muscat has given an overview of his views on cryptocurrencies and how he envisages Europe can proactively rebuild the continent for the better. Among other ideas listed, Muscat fondly propagated that “Europe should become the Bitcoin Continent”. He believes that the rise of cryptocurrencies can only be slowed down but cannot be stopped. The financial institutions have come to understand the efficiency, transparency and cost effectiveness cryptocurrencies fetch. The PM elaborated on the above statement as follows:
“My point is that rather than resist, European regulators should innovate and create mechanisms in which to regulate cryptocurrencies, in order to harness their potential and better protect consumers, while making Europe the natural home of innovators.”
With Europe’s bid to become a blockchain country with friendly regulation, the idea really doesn’t seem far fetched.